Pulse Reports Wider Q3 2026 Loss; NANOPULSE-AF Enrollment Ends Three Months Ahead of Plan

The Tip Desk · November 7, 2026 · 3 min read

Third-quarter 2026 revenue was $0.4 million, while GAAP net loss widened to $23.1 million from $19.4 million a year earlier. Cash, cash equivalents and marketable securities reached $189.2 million as of September 30, 2026, after $95.8 million of third-quarter ATM net proceeds.

Pulse Biosciences, Inc. (PLSE), a bioelectric medicine company developing nanosecond pulsed field ablation, reported revenue of $0.4 million for the third quarter ended September 30, 2026, compared with $0.1 million a year earlier. GAAP net loss widened to $23.1 million from $19.4 million. The company also completed enrollment in NANOPULSE-AF, its U.S. IDE pivotal study of the nPulse Cardiac Catheter System for atrial fibrillation, in under six months and three months faster than the timeline it originally communicated.

The study enrolled 169 evaluable patients at 15 sites with 36 investigators. In the second quarter the company had surpassed the halfway point with more than 82 evaluable patients and reiterated an early fourth-quarter completion target. Chief Executive Paul LaViolette said the speed reflected physician enthusiasm for the catheter after early cases.

With enrollment finished, the company said it is focused on launch readiness, additional data readouts and regulatory submissions. It plans to present 12-month follow-up data on 100 patients from the EU feasibility study in the first quarter of 2027 and continues to progress toward a CE Mark submission with anticipated approval in the fourth quarter of 2027. Pulse also plans to submit an IDE application for a persistent atrial fibrillation study in the fourth quarter of 2026.

Cash, cash equivalents and marketable securities totaled $189.2 million as of September 30, 2026. Cash and cash equivalents were $101.6 million as of June 30, 2026. It raised $95.8 million in net proceeds through ATM programs during the third quarter, bringing the total since May to more than $150 million, representing under 6% dilution. Approximately $64 million of ATM capacity remains available. Based on current yields, the company said the cash balance provides over $7.5 million in annual interest income.

Total revenue for the three months ended September 30, 2026 was $0.4 million, compared with $0.1 million in the year-earlier period. Vybrance revenue was $0.4 million, and the company said commercial case volume increased from prior quarters as it continued a controlled commercial launch directed at market development within a limited customer base. It expects that phase of the Vybrance controlled launch to continue into the fourth quarter of 2027.

GAAP costs and expenses for the three months ended September 30, 2026 were $24.7 million, an increase of $4.2 million from $20.5 million a year earlier. The company said the increase was primarily driven by increased investment in the clinical program and employee-related spend. Non-GAAP costs and expenses were $19.1 million. GAAP net loss was $23.1 million, or $0.32 a share, compared with $19.4 million, or $0.29 a share, a year earlier. Non-GAAP net loss was $17.5 million.

Cash used in operating activities in the third quarter of 2026 totaled $15.3 million, compared with $13.0 million in the same period of the prior year and $18.7 million in the second quarter of 2026.

NANOCLAMP-AF, the U.S. IDE pivotal study for concomitant surgical AF ablation, continued to enroll and remains on track to complete enrollment by the end of the first half of 2027. The first patient enrolled in that trial has reached one-year follow-up. Pulse completed enrollment of the PRECISE-Benign Thyroid Nodule study in September with 100 patients; preliminary data are being presented at the American Thyroid Association annual meeting, with further readouts expected after six-month and twelve-month follow-up.